Year of Graduation
The Dividend Policy and Behavior of Stock Prices (Redemption of Stock, Dividend Initiation, etc.)
In this work, the effect of dividend payments on the dynamics of stock prices from the point of view of various dividend theories is considered. The review section contains scientific works by foreign and domestic authors relating to the dividend theory. The research study Russian stock market in 2013-2016. The key investigated parameter in this research is the drop-off-ratio. The paper attaches importance to influence of tax treatment on the behavior of stock prices after reinvestment date. Econometric research helped to reflect the rate of attenuation of this impact strong correlation between DOR and dividend yield was not revealed. Based on the rate of attenuation and autocorrelation, a regression model was obtained, with which the value of the drawdown after the ex-dividend date was predicted. In addition, an investment strategy based on the model was proposed.